Freeport-McMoRan (FCX) Q2 2026 earnings summary

Executive summary

• Q2 2026 results reflect strong operational execution, with copper and gold sales volumes exceeding expectations, robust U.S. mine performance, and progress at Grasberg Block Cave ramp-up, which is on schedule following remediation from the 2025 mud rush incident.

• Net income attributable to common stock was $984 million ($0.68/share) in Q2 2026, up from $772 million in Q2 2025, with adjusted net income at $1.1 billion ($0.74/share); six-month net income was $1.87 billion, up from $1.12 billion year-over-year.

• Operating cash flows reached $2.0 billion in Q2 2026, with strong margins and positive market outlook.

• Strategic investments in organic copper growth, leach technology, and brownfield expansions are advancing, including increased Cerro Verde ownership to 55.66%.

• Returned $600 million to shareholders in H1 2026, including $200 million in share repurchases.

Financial highlights

• Q2 2026 revenues were $7.03 billion (down from $7.58 billion in Q2 2025); operating income was $2.0 billion (down from $2.4 billion year-over-year); net income attributable to common stock was $984 million (up from $772 million); diluted EPS was $0.68 (up from $0.53).

• Consolidated copper sales were 710 million lbs, gold sales 123k oz, and molybdenum sales 25 million lbs in Q2 2026; average realized prices: copper $6.17/lb, gold $4,520/oz, molybdenum $28.75/lb.

• Adjusted EBITDA for Q2 2026 was $3.5 billion; operating cash flow was $2.1 billion; capital expenditures were $1.1 billion.

• Cash and cash equivalents at June 30, 2026 totaled $4.1 billion; total debt was $9.4 billion; net debt (excluding Indonesia downstream projects) was $2.1 billion.

• Returned $600 million to shareholders in H1 2026, including $200 million in share repurchases; $6.3 billion distributed since 2021.

Outlook and guidance

• 2026 copper sales guidance: 3.1 billion lbs; gold: 650k oz; molybdenum: 93 million lbs; Q3 2026 guidance: 750 million lbs copper, 160k oz gold, 22 million lbs molybdenum.

• Full-year 2026 average unit net cash costs for copper expected at $1.90/lb; operating cash flows projected at $8.3 billion for 2026, assuming copper at $6.00/lb.

• Grasberg Block Cave ramp-up is on track, with full capacity targeted by end of 2027; H2 2026 copper sales expected to be over 20% higher than H1.

• Capital expenditures for 2026 expected at $4.3 billion, including $3.0 billion for major mining projects.

• Sensitivity: Each $0.10/lb change in copper price impacts operating cash flow by ~$300 million.